London still leads the way in house sales for over £1 million

London still leads the way in house sales for over £1 million (iStock)

The property market across the country has seen plenty of inflation in recent years, although until recently London clearly led the way. 

That may have changed as international interest in property has cooled following the Brexit vote, with the capital's market trailing behind the country at large, but London's property remains more valuable than that of most other places despite slower growth, a point demonstrated by the latest data on the very top end of the market.

A study by Lloyds Bank on the tally of million pound home sales across Britain in 2017 demonstrated both aspects of London's current position.

On the one hand, while the total number of seven-figure property purchases rose five per cent to a record 14,474, the increase in London was just one per cent. 

Admittedly, other areas also fared poorly, with the east of England also seeing a rise of just one per cent and the East Midlands actually recording a fall as the tally plummeted by 23 per cent.

At the same time, it was actually the north that performed best in terms of the year-on-year increase in purchases for £1 million or more, with the Yorkshire and Humber region recording a 60 per cent increase and the north west coming second on 46 per cent. While the East Midlands did badly, the neighbouring West Midlands thrived, with a 28 per cent increase. 

However, the bigger picture remains that London is still ahead of the pack. Of the million pound sales, 8,308 were in the capital. 

Commenting on the situation in the Metropolitan area, Head of UK wealth lending at Lloyds Banking Group Louise Santaana said: "As always, the highest number of transactions took place in the capital last year, however growth in London has started to slow for million pound properties. 

"Overseas investors represent a good share of this end of the London market and some may be holding off buying, pending further clarity over Brexit."

In some areas of London, even the average property sale in 2017 was over a million pounds. According to Rightmove, the average for Kensington and Chelsea was £2.2 million and in the City of Westminster, it was nearly £1.5 million.